What infrastructure beyond the marketplace has Semper developed, such as brokerage, settlement and research capabilities?

A big part of this is where Sacra comes into play. Indeed, in private markets, most investors lack information. Weirdly, it's a market where insiders get much more information than anyone would get in public markets. If you’re an outsider, you get access to nothing. 

As of today, 80% of volumes in the secondary market happen with absolutely no data on the business, which means that most of the volume goes towards the big stocks—SpaceX, and so on. 

Clearly, there is a gap in both data and knowledge for most companies, and we want to really create some liquidity. For this, we have to partner with companies like Sacra that do high quality research. One day, we’ll aggregate a few other research firms that will be happy to share all of that with our investors. The infrastructure and the settlement is therefore something to be built. 

Today, closing a transaction in the private markets takes an average of three months—that’s a big hurdle to creating liquidity. There’s a lot to be built to be able to actually settle transactions internationally for private companies. We’re yet to touch the beginning of this.